Interest in crowdfunding has never been higher, but Kickstarter has shown signs of slowing down, according to an analysis by market research firm NextMarket Insights.

Michael Wolf, chief analyst of NextMarket, crunched the numbers from Kickstarter's own public data between July 2012 and February 2013 and found that the overall monthly growth rate of Kickstarter projects was "flat to down."

Although the total number of launched projects increased by 43 percent, he found that the overall trend in the second half of 2012 showed a slight downward trajectory. The growth rate slightly rebounded in the first two months of 2013, but the percentage increase is still significantly lower than mid-2012 levels.

“Because Kickstarter and crowdfunding experienced a huge rush of new projects in 2012, there may have been a slight dissipation in the total number of new potential new projects as 2012 wore on,” Wolf wrote.

The success of Kickstarter makes its data a barometer of the crowdfunding industry, according to Wolf. Kickstarter has launched a total of 89,817 projects to date, and the total dollars pledged to successfully funded projects amount to $435 million.

Most of these successfully funded projects raised less than $10,000, while a growing number have raised six or even seven figures.

“Kickstarter is still so new and this is just the beginning of the first chapter. We’re committed to sharing our stats and hope it helps everyone understand the Kickstarter community better,” Kickstarter wrote to Inc.